Cambridge Realty Capital reports providing $4,968,600 to refinance Avalon Memory Care Irving, located in Irving, TX. According to Cambridge Senior Vice President Brent Holman-Gomez, the loan was part of a $29.7M loan package of non-recourse loans to replace mortgage debt obligated by 8 facilities on scattered sites in the Dallas-Fort Worth metroplex.
The fully amortized loan was provided for the owner, a Texas limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
Avalon Memory Care provides assisted living services to people with dementia, including Alzheimer’s disease and other cognitive impairments. It offers a variety of accommodation styles as well as medical and nutritional services and enrichment activities.
“Cambridge determined the most efficient plan to finance, considering facility and location debt service needs and valuation,” Holman-Gomez said. “One method was to ‘silo’ the HUD-insured mortgaged properties away from the principals’ other businesses, delivering legal benefits to the borrower, master leasing, and simplifying the ongoing servicing of the loans.”
